Spreadex Market Update
Disappointing UK Q3 GDP fails to dampen Christmas spirit
Coming in at 0.4% against the 0.5% expected, today’s third quarter growth figure is an undoubted disappointment, joining the US data in seeing a troublesome drop off from the fairly healthy figures posted back in Q2. Things weren’t really helped by the latest current account data; though, at a £17.5 billion deficit against the £21.3 billion forecast, the figure was indeed better than expected, the reveal still saw last quarter’s number revised from a £16.8 billion to £17.5 billion deficit. That may mean this quarter’s figure was actually stagnant rather than any worse, but that is only if you generously factor in the sharply shifted goalposts. Yet with sustained gains from its commodity sector (despite some mixed comments from OPEC this morning) the FTSE held onto its near 100 point surge, continuing to hover at 2 week highs.
The Eurozone indices were similarly resilient this morning, the CAC steady at a 70 point increase (ignoring its own wave of weak data) whilst the DAX grew by (an admittedly reduced) 170 points.
Turning to the US and as mentioned the Dow Jones is looking at a solid start to the day, the index’s futures suggesting a 65 point jump at the start of the day. Firstly, however, investors will have to endure the final big afternoon of US data before the Christmas break, with durable goods orders and the core PCE price index released pre-open before the new home sales and the revised UoM consumer sentiment figures arrive after the bell.
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